M:Communications' co-founders Nick Miles and Hugh Morrison have resigned from their own agency.

PRWeek understands this follows the resignation of five senior members of staff: Kevin Soady, Louise Tingström, Patrick d’Ancona, Jon Simmons and Stuart Leasor.

Well placed industry sources have suggested the split is due to an irreconcilable issue between the financial PR agency and its parent company, King Worldwide, a private equity owner which bought the agency in 2008.

All seven employees are understood to be serving out their notice periods which range from six to twelve months.

The agency’s clients have been informed of their departure. Both Miles and Morrison were unavailable for comment.

Terry Thompson, chief executive of King Worldwide, said: ‘We wish them well in their new endeavours. They are leaving a strong management team in place with a clear strategy to take the business forward.’